KUALA LUMPUR: GLOMAC BHD []'s share price advanced on Wednesday, Sept 22 after the company's net profit for 1Q ended July 31, 2010 rose 88% to RM15.55 million versus RM8.34 million a year ago.

At 9.20am, Glomac was up three sen to RM1.49 with 51,000 shares traded. Glomac said on Tuesday that it expects its unbilled sales of RM585 million to sustain its earnings growth.

Revenue surged 114% to RM126.31 million from RM58.98 million while pre-tax profit rose 79% to RM29.5 million in the quarter. Earnings per share were 5.32 sen versus 2.99 sen.

Glomac said the RM15.55 million net profit was close to 40% of the full year profit after tax of RM40.9 million achieved in the group's financial year ended April 30, 2010. Its  net asset per share was RM1.94.